If your organization offers a provider-sponsored health plan, Axiom Budgeting’s specific health plan budgeting capabilities will provide a holistic view of finances and streamline budgeting tasks across your healthcare enterprise.
of total fully-insured population are served by provider-sponsored health plans (PSHPs)
25 top PSHPs
outperformed similar types of health plans
of U.S. health systems have applied – or intend to apply – for an insurance license
Consolidate finances across your organization
In many health systems, new business models combine traditional healthcare provider organizations with other lines of business, including integrated health plans. But many standard budgeting tools and processes that model hospital operations are not well-suited for health plans.
Axiom Budgeting for Health Plans lets you integrate budgets from hospitals, physician practices, and provider-sponsored health plans, giving financial leaders a comprehensive view of financial metrics, with an industry-specific model for provider-sponsored insurance products.
Unique data inputs and budgeting methodologies that are needed across traditional hospital-based operations and health plans are available in a single solution so that you can track and plan the profitability of each insurance product. You can also view a key summary of all insurance products and get real-time results of the health plan’s impact to your overall organizational results.
Automate your health plan’s budget
Many finance teams are supplementing current tools for managing their health plan’s budget by developing their own off-line models in spreadsheets. But that practice isn’t efficient or sustainable.
Axiom Budgeting for Health Plans streamlines budgeting tasks by using a per member per month (PMPM) approach to forecast members, revenues, and expenses for your sponsored insurance products.
Finance teams can precisely budget for health plans across various scenarios considering covered lives, revenues, and expected expense ratios. Track actual and budget results by insurance product for use in reporting and forecasting. Key calculations assist with membership enrollment trends and PMPM metrics by insurance product.
Integrated budget planning, processes, and reporting across your health system and its sponsored health plan improve efficiency, visibility, and accuracy as information is automatically rolled up to be calculated and reported in Axiom.